What a sale
and purchase
agreement is What’s in a sale
and purchase
agreement
A sale and purchase agreement is a legally
binding contract between you and the other
party involved in buying or selling a property.
It sets out all the details, terms and conditions
of the sale. This includes things such as
the price, any chattels being sold with the
property, whether the buyer needs to sell
another property first and the settlement date. Your sale and purchase agreement should
include the following things.
A sale and purchase agreement provides
certainty to both the buyer and the seller
about what will happen when.
Basic details of the sale
• The names of the people buying and selling
the property.
• The address of the property.
• The type of title (for example, freehold or
leasehold).
• The price.
• Any deposit the buyer must pay.
• Any chattels being sold with the property
(for example, whiteware or curtains).
• Any specific conditions you or the other
party want fulfilled.
Always check your sale and purchase
agreement with a lawyer before signing.
• How many working days you have to fulfil
your conditions (if there are conditions).
• The settlement date (the date the buyer
pays the rest of the amount for the property,
which is usually also the day they can
move in).
• The rate of interest the buyer must pay on
any overdue payments.
Before you sign a sale and purchase agreement, whether you’re the buyer or the
seller, the agent must give you a copy of this guide. They must also ask you to
onfirm in ritin t at ou ve re eived it